By Angela McDaniels
Tacoma, Wash., Nov. 1 - Credit Suisse AG, Nassau Branch priced another $419,855 of 0% Credit Suisse FI Enhanced Big Cap Growth exchange-traded notes due Oct. 22, 2018 linked to the Russell 1000 Growth Index Total Return, according to a 424B2 filing with the Securities and Exchange Commission.
The $407,797 principal amount of additional notes priced at 102.96, or $41.9855 per $40.78 principal amount of notes, for $419,855 of proceeds, bringing the total issue size to $21.61 million.
The ETNs are designed for investors who seek a leveraged return linked to the performance of the index. That return is reduced by the application of an investor fee and exposure fee and any applicable rebalance fee, early redemption charge and/or acceleration fee.
As of the inception date, the effective leverage of the ETNs was 1.62 and the closing indicative value was $40.78. The initial reference value was $25.00, which represents the initial theoretical leveraged investment in the index.
A rebalance event occurs if the closing indicative value falls to 60% of the most recent rebalanced indicative value. If no rebalance event has occurred, the rebalanced indicative value is $25.00, the initial reference value.
Credit Suisse said each rebalance event will have the effect of deleveraging the ETNs with the aim of resetting the then-current leverage to about two times based on the closing level of the index as of the rebalance trigger date.
The notes are putable at any time, subject to a minimum of 10,000 notes. The notes are callable at any time, and they will be automatically accelerated if the intraday indicative value falls to 40% of the initial indicative value or, after any rebalance event, 40% of the rebalanced indicative value.
The notes are listed on the NYSE Arca under the ticker symbol "FIBG."
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | FI Enhanced Big Cap Growth ETNs
|
| Underlying index: | Russell 1000 Growth Index Total Return
|
| Amount: | $21,613,397, increased from $20.39 million
|
| Maturity: | Oct. 22, 2018
|
| Coupon: | 0%
|
| Price: | Par of $40.78 for original issue; 101.487 for first add-on; 102.96 for second add-on
|
| Payout at maturity: | Closing indicative note value minus fee of 0.05% times long index amount
|
| Put option: | At any time, subject to minimum of 10,000 notes
|
| Call option: | At any time
|
| Acceleration: | Automatically if intraday indicative value falls to 40% of initial indicative value ($40.78) or, after any rebalance event, 40% of rebalanced indicative value
|
| Initial index level: | 726.5502
|
| Pricing dates: | Oct. 17 for $20.39 million original issue; Oct. 21 for $815,600 add-on; Oct. 31 for $407,797 add-on
|
| Settlement dates: | Oct. 22 for original issue; Oct. 24 for first add-on; Nov. 5 for second add-on
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Listing: | NYSE Arca: FIBG
|
| Cusip: | 22539T563
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
